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in washington. there's no deal, no new offer on the fiscal cliff crisis. president obama has just told the two senate leaders they should make the deal. the results immediately felt in the financial markets. look where the dow closed down 158 points when it became very clear nothing was happening and now take a look at where the numbers are in the after markets. we would open now down 315 points on the dow if we started trading now. down 315 points. we have much more on this throughout the rest of the program, but the market's very unhappy. we do have some good news to report tonight. looks like at least one cliff has been averted for the time being. the so-called container cliff. the union that represents dock workers and u.s. maritime lines came to an agreement today to extend their current contract for 30 days. this is a big relief now for the retail industry and consumers who were staring at real destruction again for the supply chain. here now is jonathan gold and he's vice president of supply chain and customs policy for the national retail federation. jonathan, good to see you. >> miche
to deal you know with the entitlements. keith, listening to president obama today who was not at his new year's gracious and listening to harry reid who is effe effectual in everything he does, do you think the democrats would rather see us go over the cliff take the revenues and know the spending cuts and that is it? more money and more spending? >> i think the democrats want to make sure that the tax rates for the top earners go up and there is going to be a deficit reduction. but i think it will be more of a statement. i don't think it will be that more aggressive. i think they passed fewer bills than any bills and i think that the president is on firm ground to what they want to do. i have said on this network and in other places before, it is an rtficial crisis generated by policieses in washington that could have been avoided. republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in
'll have a massive sell-off? what do you think? >> well, i think the market's been very fearful that a deal would not get done for some time, but you see, in this market, it fell down after obama got reelected, but then it's been working its way back up. the fact is that i think a deal will get done and the key part is avoiding incomes under 250,000 and that's probably what they're going do. >> why is that market participant or are you speaking politically there? >> no, i'm speaking as a market participant because the spending for income for people under 250,000 in income is an important economy and that part of the economic spectrum and what they have in their pocket affects what they spend. >> and i get your point. we're a consumer-driven economy. broadway an kelly, your assessment about what happens if we don't get a deal? what happens in the markets? >> i think you saw it this morning and it looked like we're doing a full cliff dive and the market started to tank. i agree with the consumer. look at the consumer con if ied thens morning and that was driving this economy. we had consumer
to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and sai
Search Results 0 to 3 of about 4